Italy’s startup ecosystem has long faced a funding gap, especially in its early stages, with venture capital investments per capita significantly trailing behind other leading European nations. In 2023, Italian startups secured just €1.1 billion in venture funding, compared to €10.2 billion in Germany. This gap limits the number of startups progressing to later funding rounds, hindering their potential for international expansion and growth. To tackle this, P101 SGR is working to enhance Italy’s appeal to both domestic and international investors, supporting Italian startups’ global expansion.
By providing substantial early-stage capital and strategic guidance, P101 is enabling promising companies to scale and gain recognition abroad, fostering a more dynamic tech landscape in Italy.
P101 Milestone: €250 Million Fund to Drive Italian Innovation
P101 SGR recently closed its largest-ever fund, Programma 103, with a total of €250 million. The fund reached its final close in 2024, following an initial closing of €150 million in December 2022. This marks a significant achievement for both P101 and the broader Italian tech ecosystem, signaling strong momentum in the country’s venture capital scene.
P101’s efforts come amid the rise of notable Italian tech successes, including Bending Spoons and Medical Microinstruments. Andrea Di Camillo, P101’s founder and managing partner, expressed his pride in the renewed confidence from both existing and new investors, seeing it as a sign of growing belief in Italian innovation. “Our ambition isn’t just to fund startups; it’s to reshape Italy’s economic DNA for the digital age,” Di Camillo said.
Founded in 2013 by Andrea Di Camillo, P101 SGR is now one of Italy’s leading venture capital firms, investing in digital and tech-oriented startups across Europe. With a focus on early-stage companies, P101 offers a hands-on approach, providing strategic direction, talent recruitment, and operational support over a five to ten-year period.
In 2024, P101’s internal recruiters helped place 45 C-suite executives within portfolio companies, reducing hiring timelines by 40%. The firm typically invests in Series A and B rounds, with investments ranging from €1 million to over €10 million, and supports companies with minority stakes while offering valuable consulting on international expansion, pricing strategies, and ESG compliance.
Programma 103: Focused Investment on Key Sectors
Programma 103, P101’s latest fund, will primarily target early-stage startups in sectors such as fintech, proptech, edutech, and cybersecurity, with a strong emphasis on sustainability and digital transformation. For example, Cortilia, an AI-driven sustainable grocery delivery service, achieved a 30% reduction in food waste through advanced inventory management, underscoring P101’s commitment to Environmental, Social, and Governance (ESG) principles.
While its primary focus is on Italy and Spain, Programma 103 also aims to support startups in other European markets, helping them scale and attract international capital. The fund has allocated 30% of its capital to Spain and other European countries as part of P101’s cross-border strategy, benchmarking Italian startups against their European counterparts.
P101’s Investment Success and Broader Impact
Since its inception, P101 has invested in over 50 tech companies and manages more than €500 million across five funds. The firm has completed over 100 funding rounds and achieved 15 exits, with its portfolio companies generating significant revenue and global recognition. Notable successes include the $500 million acquisition of MusixMatch by TPG in 2023 and a successful investment in CyberGuru, which resulted in a 22% reduction in fraud incidents among central Italian banks.
P101’s value proposition goes beyond mere funding; it also offers shared DevOps resources to optimize cloud costs, provides ESG toolkits developed in partnership with Politecnico di Milano, and utilizes a dual fund structure that allows retail investors to participate through Azimut’s platform. This approach broadens Italy’s investor base, bringing in both capital and expertise to the ecosystem.
P101’s ambitions for Programma 103 extend well beyond its current investments. By 2030, the firm expects the fund to create over 3,000 high-skilled jobs, with a focus on improving gender diversity within the tech sector. Additionally, P101 aims to generate €5 billion in cumulative portfolio revenue, doubling the success of its previous funds. The fund also targets attracting €1.5 billion in follow-on investments from global investors, signaling a strong future for Italy’s venture capital and tech scene.
